Colombia is 100% and
In Brazil, there were 2-3 companies in November 2013 that could contract one rig each.
As you look forward this
current quarter and into next year and it looks like Brazil is a
balanced breakfast of goodness knows what; is, your
expectations per utilization are good, bad, indifferent?
Walter Dawson - CEO and President
Well if we go to Page 2 of the news release, it states exactly the
status of our operation Ex the African, and we dropped the
African because we feel confident that the transaction will close.
So when you look at the two heavy rigs still sitting, those are
tougher to put to work. Colombia we got one rig available and
there is three people looking at it reported to work. So we’re a
100% there.
If you look at Ecuador, we’re at the end of the contracts and
there is new contracts coming, although we’re looking at those
rigs in making sure we don’t put them to work on a contract that
we don’t get a good rate of return, not just a rate of return.
We’ve got to get more value out of our assets. So I am pleased
to say that I don’t see any problem booking rigs of the right size
in our South American operation. Brazil has lots of work
promised again and we’re talking to two or three companies that
could take a rig each. And if that happens, the business turns
around. Meantime we’re looking at the business.
In Colombia yesterday I talked to the country manager on a
Sunday and we got a low down on how many customers are after
us for rigs of the 1,500 horsepower, which we don’t have any left.
So there is lots of business. It gave me a good feeling that when
the rigs come off of Centurion, and the sooner the better, those
rigs will polish up and go right back to work shortly thereafter.